Financial Aid Applications
The basics for helping students and families
A large number of students who qualify for financial aid do not receive it simply because they fail to fill out the necessary forms.
Types of financial aid applications
FAFSA (Free Application for Federal Student Aid): Most colleges require this form, which is used to determine student eligibility for federal aid. Since the majority of college assistance comes from the federal government, it is important that students complete this form.
CSS/Financial Aid PROFILE®: Some colleges use this College Board-sponsored form to determine who will be awarded their institutional aid. Colleges may require the PROFILE as early as October.
State forms: Some colleges require state forms, and some states require in-state applicants to apply for state aid using a state aid form. For example, in order to receive a Bright Futures scholarship, Florida students need to complete the Florida form. If your state institutions require a state form, make sure your students know that it is different from the FAFSA.
Finally, about half of all colleges require an institutional form, which students can obtain from the college itself. Usually, this is a fairly short form.
Timeline
- January: Students begin completing the FAFSA, which is required by most colleges.
- February: Many colleges have priority deadlines in this month-urge students to apply by the priority deadline.
- Late February and March: Colleges may call you to ask questions about your students who have special circumstances.
- End of March: Admissions and financial aid notifications are mailed.
- April: Students weigh offers of admission and compare aid awards.
- May 1: Students must tell all colleges yes or no and make deposits.
Note: Students applying under an early decision plan to colleges may have to file the CSS/Financial Aid PROFILE form in November or December.
Explaining financial aid to students
You might consider offering student-parent events that help families understand and complete financial aid forms. Some options:
Convene a panel discussion in the fall with financial aid professionals from local colleges, covering the process in general, the forms, key terms, and how aid is packaged. This type of event should be of interest to all grade levels, but particularly families of sophomores, juniors, and seniors.
Host open lab nights with college financial aid professionals on hand during January, when the FAFSA needs to be completed.
You may want to have translators at these events to help families whose first language is not English. Some schools have separate events for Spanish-speaking families.
Veteran counselor Carlene Riccelli recommends having financial aid "buddies" at both a private college and a public college. That way, when you have questions, you have someone to tap.
Most who apply are awarded aid
Your students may be encouraged to know that most college students are receiving some form of assistance. College Board data indicate that at four-year colleges, 73 percent of students apply for aid, 73 percent of those are found to have financial need, and almost all are awarded aid. At community colleges, about 44 percent of students apply for aid, 78 percent of those are found to have need, and the vast majority are offered aid.